“Jaishankar: India Leads in UPI Transactions Compared to US Digital Payments”
India’s External Affairs Minister, S Jaishankar, highlighted the country’s significant growth in digital payments, emphasizing that Unified Payments Interface (UPI) transactions in India amount to ₹120 crores per month, while the United States conducts digital transactions worth ₹40 crores annually. Jaishankar made these remarks during an event in Bikaner, Rajasthan, where he praised India’s progress in various sectors, including digital payments.
India’s External Affairs Minister, S Jaishankar, highlighted the country’s significant growth in digital payments, emphasizing that Unified Payments Interface (UPI) transactions in India amount to ₹120 crores per month, while the United States conducts digital transactions worth ₹40 crores annually. Jaishankar made these remarks during an event in Bikaner, Rajasthan, where he praised India’s progress in various sectors, including digital payments.
The UPI system, which consolidates multiple bank accounts into a single mobile application, offering seamless fund routing and merchant payments, has played a crucial role in India’s cashless payment ecosystem. Launched on April 11, 2016, by former RBI Governor Raghuram Rajan, UPI has facilitated a surge in digital transactions across the country.
In a recent development, the Reserve Bank of India (RBI) proposed a new initiative to enable users to deposit cash in cash deposit machines (CDMs) through the UPI platform. This proposal aims to enhance convenience for users and promote the adoption of digital payments for various transactions.
RBI Governor Shaktikanta Das announced this proposal during the central bank’s first monetary policy outlook for the current fiscal year. He highlighted the success of cardless cash withdrawal using UPI at ATMs and proposed extending this functionality to cash deposits in CDMs. Additionally, Das suggested permitting the use of third-party UPI apps for making payments from Prepaid Payment Instruments (PPIs), which will further enhance customer convenience and boost digital payment adoption for small-value transactions.
Moreover, the RBI’s proposal includes plans to make Central Bank Digital Currency (CBDC) accessible to a broader range of customers by allowing non-bank payment system operators to offer CBDC wallets. These initiatives are part of India’s ongoing efforts to promote digital financial inclusion and advance its digital payments infrastructure.
The combination of India’s robust UPI system and innovative policies from the RBI reflects the country’s commitment to becoming a global leader in digital payments and financial technology.
Sources By Agencies
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